The resolution to raise funds was taken in its board assembly held on Monday.
“The board of directors in its meeting accorded approval to raise Basel III compliant tier-1 and/or tier-2 bonds up to Rs 5,000 crore in one or more tranches in current or subsequent financial years based on the requirement,” India Bank mentioned in a regulatory submitting.
Last week, Indian Bank had reported widening of web loss at Rs 217.74 crore for the March quarter of 2019-20 due to greater provisions.
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